Understanding Wallets
- Former user (Deleted)
- Former user (Deleted)
- Frini Pouyiouka
Table of Contents
What are Wallets?
A Wallet is a financial account which allows customers to use a credit balance to fund transactions within CRM.COM. It works as a mini-ledger that can easily be topped up by various payment methods or spent by CRM.COM functions such as Prepaid Subscriptions or the Redemption of Awards.
Wallets are managed through Wallet-specific processes which can create, update or cancel Wallets manually or automatically, as well as generate Wallet Transactions that credit, debit or refund Wallets.
Optionally, Wallets can be configured so that on every top up a sales invoice is generated, allowing the Company to record revenue and VAT on the top up rather than the spend transactions which tend to be multiple time more.
Wallets Glossary
| Terms | Descriptions |
|---|---|
Wallet Balance | The amount of money which is available (credits fewer debits) in a Wallet and can be used to carry out transactions within CRM.COM. |
Wallet Opening Balance AVAILABLE FROM CRM.COM R12.0.0 | The Wallet balance brought forward from the previous Wallet balance period, as calculated by the Wallet Balance Period closing process. |
| Wallet Transactions | Transactions which are used to debit or credit a Wallet. |
Wallet Credit Transaction | A transaction that funds the Wallet. Credit Wallet Transaction amounts:
Credit Transactions created automatically are defined in the Wallet Definitions - Crediting Causes. |
Wallet Debit Transaction | A transaction that deducts funds from the Wallet. Debit Transactions created automatically are defined in the Wallet Definitions - Debiting Causes |
Wallet Reimburse Transaction | A transaction that deducts funds from the Wallet to pay back an amount of money. The Reimburse Transaction can also use that amount for processes other than payback. It can, for example, convert the amount remaining in the Wallet into a credit Financial Transaction and allocate it against the Wallet holder's Accounts Receivable. Reimburse Transactions created automatically are defined in the Wallet Definitions - Reimburse Causes |
Wallet Void Transaction | A transaction that cancels or reverses any type of Wallet Transaction (credit, debit, reimburse) by voiding it. A Wallet Void Transaction is always related to the Wallet Transaction that it cancelled Wallet Transactions can either be voided by the System or manually. Events causing the voiding of Transactions by the System are defined in the Wallet Definitions - Void Causes |
| Wallet Transfer Transaction | A transaction which is used to transfer money from one Wallet to another. The Wallet Transfer Transaction refers to two Wallets, the (debit) Wallet from which money is transferred and the (credit) Wallet to which money is transferred. |
| Wallet Allotments | Restrictions on how the amount available in the Wallet can be spent. For example, from a Balance of €20, there can be an Allotment of €15 to be spent exclusively on Product A.
|
| Validity Consumption Date | The date from which allotment funds are available for spending. Before this date, the funds are not considered in the calculation of the Wallet Balance. |
Wallet Transaction Expiration Date AVAILABLE FROM CRM.COM R10.0.0 | A date available on Credit Transactions (Credit Wallet Transactions, Transfer Wallet Transactions) that indicates the expiration of the credit amount. Used by the System Allocation Process to allocate debit transactions on credit transactions, and by Wallet Balance Expiration Runs to expire Wallet Amount that has not been spent and is expired. |
Wallets Key Processes and Concepts
| Processes / Concept | Description |
|---|---|
| Transfer Money between Wallets | Money can be transferred between Wallets belonging to different owners. Transferring money triggers the creation of two new Wallet Transactions, a debit for the current Wallet from which money is transferred and a credit for the new Wallet to which the money is transferred. The transfer function can be accessed from the Wallets Data Entry or the Wallets Transactions Data Entry pages. |
Expiration of Wallet Balance AVAILABLE FROM CRM.COM R10.0.0 | The Wallet Balance Expiration process is available and is used to identify the Wallet Amount that has not been spent and has expired. The resulting debit reflecting the expired amount is directly allocated against the expired credit amount. If the expired amount is created by Reward Award Transactions, then the respective Award Expiration Transactions will be created. |
Allocation for Wallet Transaction Allotments AVAILABLE FROM CRM.COM R10.0.0 | Funds spent from the Wallet (e.g. Debit Wallet Transactions) are allocated against funds available in the Wallet (money from Credit Wallet Transactions). The allocation takes place within the same allotment group, and the Validity Consumption Date is also taken into consideration. |
| Wallet Balance Calculations | A positive Wallet Balance indicates how much money is available in the Wallet to be spent, while a negative Wallet Balance indicates how much money is owed. The balance logic of a Wallet is opposite to that of the Accounts Receivable, where a positive amount indicates money owed to the company and a negative amount indicates money owed to the customer by the company.
|
View Wallet Balance amount, which is valid only in the future AVAILABLE FROM CRM.COM R12.0.0 | The balance of a Wallet for a day in the future may differ to the current balance, due to amounts that will be made available in the future, i.e they have a future Validity Date. Money that will expire between current day and the future date are not taken into consideration. |
| Estimated Consumption Values | |
| Voiding Wallet Transactions | Wallet Transactions are voided (reversed) instead of cancelled. All types of Wallet Transactions can be voided except Transfer Wallet Transactions. When a Wallet Transaction is voided, the System creates a Void Wallet Transaction which is an exact opposite of the initial transaction.
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| Automatic Generation of Wallet Transactions | Wallet Transactions can be manually created via the Wallet Transactions Data Entry page. Provided it is configured to do so (via the active Wallets Definition), CRM.COM can automatically generate Wallet Transactions of any type through various System processes. CRM.COM processes that can be configured to automatically generate Wallet Transactions are the following:
|
Working with Wallet Balance Periods AVAILABLE FROM CRM.COM R12.0.0 | A Wallet Balance Period is defined as the time frame in which Wallet Transactions are posted. The time frame can be set to monthly and cannot be modified through the System. There is always one open period in the System, which includes all new Wallet Transactions posted during that period. The Wallet Balance Periods also affect the way that the Wallet Balance is calculated. During the process of closing a Period, the opening balance of all Wallets is calculated. |
Wallets Viewing & Access Controls
Business Network Characteristics define the level of access for each record. i.e., whether it will be available for selection, viewing or editing.
| Entity | Network Characteristics | Description |
|---|---|---|
| Wallets |
| |
| Wallet Transaction Types |
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Wallets Related Modules
| Entity | How Wallets interact with Entity |
|---|---|
| Accounts Receivable | An Accounts Receivable must be selected to create a Wallet. The System can be configured as such that transactions affecting the Wallet also affect the Accounts Receivable (and vice versa). For example, when a Payment is made to the Accounts Receivable, a Credit Wallet Transaction credits the Wallet, and an Invoice debits the Accounts Receivable. |
| Rewards Participants | Rewards Participants own a Wallet which contains Wallet Transactions created via Reward Award Transactions and Reward Spend Transactions. |
| Prepaid Subscription | Prepaid Subscriptions Billing affect subscribers' Wallets, rather than their Accounts Receivable. When Prepaid Billing is executed, the Wallet is debited accordingly and its Balance evaluated to determine whether a Subscription should stay activated. |
| Vouchers | Vouchers can be used as a payment to Top Up a Wallet by triggering Credit Wallet Transactions. If specific products are defined on the Vouchers, then Wallet Allotments are created, restricting the use of the available amount to these products. |
| Rewards | Customers participating in Rewards schemes can access their awards and spend funds via their Wallets. |
Wallets - Business Examples
The following section provides business examples of how the CRM.COM Wallets module is used.
Calculation of Wallet estimated consumption for Prepaid Subscriptions
Business Requirement
Company ZX offers Prepaid Subscriptions to its customers.
- In Prepaid Subscriptions, customers pay upfront for the services they chose to use.
- The credited amount can be allotted to specific products on their Subscription.
- When the customer's balance is insufficient to cover all the chosen services they are automatically disconnected.
- Customers can call, to inquire on how much money is left in their Wallet and when their Subscription will be disconnected.
Case
The customer has paid €300 and has two products, Sports HD and Kids HD, on their Subscription. Customer has subscribed to the normal Price Plan with the following rates:
Kids HD: €20 per month
Sports HD: €30 per month
CRM.COM Solution
Customers with Prepaid Subscriptions have an Accounts Receivable and a Wallet. The Wallet contains the money that the customer has paid upfront for use on their Prepaid Subscription. Once the Prepaid Billing Run is executed the following information will be entered in the Wallet:
Current Date: 01.06
Wallet
- Estimated Consumption Days:183 days
- Estimated Consumption Date: 01.12
- Estimated Consumption As of Date: 01.06
- Balance: €300
Per Product
- Sports HD
- Estimated Consumption Days: 183 days
- Estimated Consumption Date: 01.12
- Estimated Consumption As of Date: 01.06
- Kids HD
- Estimated Consumption Days: 183 days
- Estimated Consumption Date: 01.12
- Estimated Consumption As of Date: 01.06
Next Day: 02.06
Wallet
- Estimated Consumption Days:182 days
- Estimated Consumption Date: 01.12
- Estimated Consumption As of Date: 02.06
- Balance: €298.33
Per Product
- Sports HD
- Estimated Consumption Days: 182 days
- Estimated Consumption Date: 01.12
- Estimated Consumption As of Date: 02.06
- Kids HD
- Estimated Consumption Days: 182 days
- Estimated Consumption Date: 01.12
- Estimated Consumption As of Date: 02.06
Allocation of Wallet Transactions - AVAILABLE FROM CRM.COM R10.0.0
The following process demonstrates how funds spent from the consumer's Wallet are allocated against Credit Transactions (funds already available in the Wallet) based on the aforementioned allocation logic.
Table 1 lists a number of Debit and Credit Transactions reported into the System.
- Green and Pink Cells indicate Credit and Debit Transactions respectively.
- Some Credit Transactions have an Expiration or Consumption Validity Date. Some have both or none.
- Two Allotment Condition Groups are available indicating that allocation occurs within each Group.
Table 1 - Wallet Transactions Table
| Order of creation | Created Date | Number | Wallet Transaction Type | Amount | Allotment Condition Group | Consumption Validity Date | Expiration Date |
|---|---|---|---|---|---|---|---|
| 1 | 01/10/2016 | WT0001 | Credit | €10 | Group 1 | N/A | N/A |
| 2 | 01/10/2016 | WT0002 | Credit | €10 | Group 1 | N/A | 01/11/2016 |
| 3 | 02/10/2016 | WT0003 | Credit | €10 | Group 1 | N/A | 15/10/2016 |
| 4 | 02/10/2016 | WT0004 | Credit | €10 | Group 1 | 05/10/2016 | 10/10/2016 |
| 5 | 02/10/2016 | WT0005 | Credit | €10 | Group 2 | N/A | 09/10/2016 |
| 6 | 03/10/2016 | WT0006 | Debit | €-8 | Group 1 | N/A | N/A |
| 7 | 05/10/2016 | WT0007 | Debit | €-15 | Group 1 | N/A | N/A |
| 8 | 05/10/2016 | WT0008 | Debit | €-10 | Group 2 | N/A | N/A |
| 9 | 06/10/2016 | WT0009 | Credit | €10 | Group 1 | N/A | 20/10/2016 |
| 10 | 07/10/2016 | WT0010 | Debit | €-15 | Group 1 | N/A | N/A |
| 11 | 08/10/2016 | WT0011 | Credit | €10 | Group 1 | N/A | N/A |
| 12 | 09/10/2016 | WT0012 | Debit | €-12 | Group 1 | N/A | N/A |
| 13 | 10/10/2016 | WT0013 | Debit | €-10 | Group 1 | N/A | N/A |
Table 2 - Allocations Table
Table 2 shows the allocation and the order in which it occurs in the System, taking into consideration the:
- Allotment Condition Group
- The Credit Transactions that belong to the same Allotment Condition Group as the Debit Transaction and are not fully allocated.
- Expiration Date & Created Date
- Credit Transactions with the earliest Expiration and Created Date are sorted by Expiration and Created Date from earliest to latest (if no Expiration Date exists then the sorting is done based on the Created Date only).
- Consumption Validity Date
- Credit Transactions whose Consumption Validity Date is before the current date.
Order of Allocation | Credit Allotment | Debit Allotment | Allocated Amount | Allocation Date | Unallocated Amount |
|---|---|---|---|---|---|
| 1 | WT0003 | WT0006 | €8 | 03/10/2016 | €2 |
| 2 | WT0004 | WT0007 | €10 | 05/10/2016 | €0 |
| 3 | WT0003 | WT0007 | €2 | 05/10/2016 | €0 |
| 4 | WT0002 | WT0007 | €3 | 05/10/2016 | €7 |
| 5 | WT0005 | WT0008 | €10 | 05/10/2016 | €0 |
| 6 | WT0009 | WT0010 | €10 | 07/10/2016 | €0 |
| 7 | WT0002 | WT0010 | €5 | 07/10/2016 | €2 |
| 8 | WT0002 | WT0012 | €2 | 09/10/2016 | €0 |
| 9 | WT0001 | WT0012 | €10 | 09/10/2016 | €0 |
| 10 | WT0011 | WT0013 | €10 | 10/10/2016 | €0 |
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